4:95 - Petty Cash

Policy 4:95

Business and Non-Instructional Operations

Petty Cash

The Board of Education authorizes the Superintendent or designee to
establish a petty cash fund which shall be used to purchase minor items
for school use provided such funds are maintained in accordance with the
provisions below and remain in the custody of an employee who is
properly bonded according to State law.

Petty cash will be used for supplies which are more efficiently
purchased by an individual staff member on an immediate need basis.

The Superintendent shall: (1) designate a custodian for the petty
cash fund; (2) obtain a bond for the custodian; (3) maintain the funds
in compliance with this policy, State law, and Illinois State Board of
Education rules. A check for the petty cash fund may be drawn payable to
the designated petty cash custodian. All expenditures from the petty
cash fund must be supported with documentation, including signed
invoices or receipts. All deposits into the petty cash fund must be
accompanied by clear descriptions of their intended purposes. Petty cash
expenditures will be charged, by item, to the appropriate line item
account for each school or department.

Replenishment of petty cash funds are to be approved by the Board
each month as part of the list of bills. All petty cash expenditures
will be audited by an independent auditor annually.